Archive · 19 Sep 2026
IPO GMP Comparison: SS Retail Leads, Hero Motors Trails
Three companies—Hero Motors, SS Retail and Jindal Supreme—offered shares to investors.
The National Stock Exchange IPO was also discussed separately.
A grey-market premium, or GMP, is an unofficial estimate of how much investors may pay above the IPO price.
SS Retail had the highest reported GMP and the strongest expected listing gain among the three companies.
Hero Motors had the weakest GMP, with one report showing no premium.
Jindal Supreme had very strong demand, although the reported subscription numbers differed by reporting snapshot.
Investors could check allotment online using their application number or PAN.
The shares were expected to reach successful investors’ demat accounts on September 22 and list on September 23, 2026.
SS Retail recorded the strongest reported GMP at ₹140–₹147, implying an estimated listing gain of roughly 33%–35%.
Hero Motors had the weakest grey-market performance, with reported GMP figures ranging from ₹4 to zero and estimated gains from 4.76% to no premium.
Jindal Supreme’s reported GMP stood at ₹29–₹31, while subscription figures ranged from nearly 84 times to 177 times across reporting snapshots.
The National Stock Exchange IPO showed a GMP of about ₹106 and an indicated listing gain of 5.94%, although its grey-market momentum had weakened.
Hero Motors, SS Retail and Jindal Supreme closed bidding on September 18; allotment was scheduled for September 21 and tentative listing for September 23, 2026.
- Who
- Investors and the companies behind the Hero Motors, SS Retail, Jindal Supreme and National Stock Exchange IPOs.
- What
- A comparison of grey-market premiums, estimated listing gains, subscription levels and allotment details.
- When
- Hero Motors, SS Retail and Jindal Supreme accepted bids from September 16 to September 18; allotment was scheduled for September 21, 2026, with tentative listing on September 23, 2026.
- Where
- The shares were scheduled to list on the NSE and BSE; allotment status could be checked through the exchanges and issue registrars’ websites.
- Why
- Investors were comparing unofficial market expectations, demand and allotment information before the shares’ expected listing.
Brokerage Caution
Grey-Market Optimism
Hero Motors outlook
Brokerage Caution
Swastika Investmart maintained a neutral view, saying the company’s strong business and electric-vehicle growth potential were offset by elevated valuation and limited upside cushion.
Grey-Market Optimism
Earlier grey-market readings indicated a possible 1.19%–4.76% gain, while the company’s powertrain business and e-bike CVT hub opportunity were cited as strengths.
SS Retail valuation
Brokerage Caution
Swastika Investmart rated the issue neutral, saying its valuation already reflected much of the operational upside and that mobile-hardware exposure could constrain margins.
Grey-Market Optimism
SS Retail showed the strongest reported GMP and very high subscription, while its store expansion and return ratios supported strong unofficial investor demand.
Jindal Supreme recommendation
Brokerage Caution
Risks identified by Swastika Investmart included thin profit margins, sensitivity to steel and raw-material costs, and declining utilisation of some GI-pipe capacity.
Grey-Market Optimism
Swastika recommended subscribing, citing the company’s more than five-decade operating history, diversified steel products, peer valuation discount and expansion into higher-margin crash barriers.
- Strongest reported GMP
- SS Retail: ₹140–₹147, implying an estimated listing gain of approximately 33%–35% over the ₹424 issue price.
- Weakest reported GMP
- Hero Motors: ₹4 in one report and zero in another; the indicated listing gain ranged from 4.76% to no premium.
- Jindal Supreme GMP
- ₹29–₹31, implying an estimated listing price of approximately ₹122–₹124 against the ₹93 upper-band issue price.
- Reported subscription range
- Jindal Supreme was reported at nearly 84 times in one snapshot and 177 times in a later report; SS Retail was reported above 107 times and Hero Motors at about 7.01 times.
- National Stock Exchange IPO
- Reported GMP of about ₹106, indicating a 5.94% listing gain; the issue was around 1.04 times subscribed on day two.
- Allotment and listing schedule
- Allotment was scheduled for September 21, shares were expected in successful applicants’ demat accounts on September 22, and tentative listing was set for September 23, 2026.
- Status-check websites
- Hero Motors and SS Retail allotments could be checked through Kfin Technologies; Jindal Supreme’s status could be checked through Bigshare Services.
Sources
IPO GMP comparison: NSE vs Hero Motors vs SS Retail vs Jindal Supreme - Check which has worst grey market premium?
Final day to buy Hero Motors, SS Retail, Jindal Supreme: Which issue has highest IPO GMP? Check subscription, review